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The Pan-African Economy in Brief: Friday, November 8, 2019

Burkina Faso:
Burkina Faso plans to raise 10 billion CFA francs on the Uemoa market:
Burkina Faso plans to raise 10 billion CFA francs on the market for public securities of the West African Economic and Monetary Union (Uemoa). The transaction is expected to be launched on Wednesday, November 6, according to UMOA-T titres in an information note. It will consist of the issuance of assimilable Treasury Bonds to investors in the region. The operation, with a maturity of 12 months, is expected to be auctioned at multiple interest rates for a nominal value of 1 million CFA francs each. The securities issued will be redeemable on the first business day following the maturity date of 4 November 2020. As for the interest, it is payable in advance and deducted from the nominal value of the warrants...

Bobo Dioulasso will house a 30 MW solar power plant built by Africa Ren in 2020:
The French company Africa Ren will build a 30 MW solar power plant in the municipality of Bobo Dioulasso, in western Burkina Faso. The infrastructure will be located in the village of Matourkou and construction work is scheduled to start in March 2020 for a period of 7 months. During its 25-year operation, Africa Ren has committed to invest €3 million in corporate social responsibility (CSR) and to train about 5,000 young people in solar technology. The conclusion of this contract for the construction of a solar power plant in Bobo Dioulasso is part of Burkina Faso's energy policy, which aims to produce 30% of its national consumption using solar energy by 2030...


Nigeria:
Total wants to sell its 12.5% interest in the OML 118 producing block for $750 million:
In Nigeria, Total put its 12.5% stake in the OML 118 deepwater block up for sale for $750 million. The block houses the Bonga producing field, the country's first deepwater project, which started in 2005 and produces about 225,000 barrels of oil plus 150 million standard cubic feet of gas per day. This sale is part of an overall plan to sell $5 billion worth of assets by 2020 to adjust the company's portfolio. The investment bank Rothschild is in charge of leading the process, notes Reuters. Block production is expected to grow strongly with the development of the $10 billion Bonga Southwest field, which is expected to produce up to 200,000 bpd, or about 10% of the country's current oil production...


Tanzania:
The first phase of the 300 km SGR railway line is 70% complete, but may be delayed:
Tanzania is unlikely to meet the November deadline for the first phase of construction of the 300 km long Normal Track Railroad (SGR) between Dar es Salaam and Morogoro. According to Jamila Mbarouk, spokesperson for Tanzania Railways Corporation (TRC), the construction site is experiencing a slowdown in the laying of concrete sleepers along the line, particularly due to persistent rainfall in recent months. This also delays the construction of the bridges planned on the route. Despite this slowdown, it is reassuring. The project, which is estimated to cost $1.9 billion, is at an advanced stage. "Construction at different sites has reached 70%," she said. 210 km of railway lines have already been built...


South Africa:
The government grants a mining permit for the Generaal coal project:
The South African Department of Mineral Resources and Energy has granted a mining permit to MC Mining for its Generaal coal project, 74% owned in Limpopo province. Generaal, along with Chapudi and Mopane, is one of three deposits in the Greater Soutpansberg (GSP) major project for which the company applied for a mining permit in 2013. The mining lease for the project comes nearly a year after obtaining the Chapudi lease (December 2018). The Generaal project contains more than 407 million tonnes of inferred coal resources and supports MC Mining's strategy to become South Africa's leading producer of hard coking coal...